Banking API Standardization Considered By UK Treasury

Banking API Standardization Considered By UK Treasury

U.K. banking is soon to feel the brunt of API disruption with moves by the Treasury Department to commence an agenda that will create standardized APIs for the industry.

The move is part of a wider U.K. government agenda aimed at ensuring that citizens have better access to their consumer data. The government has previously encouraged banks, energy companies and utilities, and telcos to provide consumers with greater accessibility to their personal data in machine-readable (i.e., API-enabled) formats.

After some empty threats to legislate to ensure consumer rights to personal data held by businesses, the U.K. Treasury is trying a different tack: the chancellor of the exchequer (the U.K.’s national treasurer) issued an Autumn Statement this month with financial policies for the year ahead. According to section 1.171, “the government is keen to enable more innovation around bank data and will launch a call for evidence on how to deliver standardized application programming interfaces in the banking industry.”

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